By Hastings Yobe
Lilongwe, MANA: National Bank of Malawi PLC has launched a loan which is being called the Taoloka loans which is aiming at providing support to vendors in their day to day businesses.
The loan package which was launched recently in Blantyre market, is aimed to help vendors boost their businesses by giving them access to banking services, business workshops as well as low interest loans.
Speaking in an interview with Malawi News Agency (MANA), NBM Marketing and Corporate Affairs Manager, Akossa Hiwa, said that the loan is designed to assist urban vendors to have access to lending as well as financial services from the bank.
“In its initial launch plan, the product service and offering will target Market Vendors residents in the cities of Blantyre, Zomba, Lilongwe and Mzuzu. These are only vendors that are registered with their respective vendors associations,
Under working capital, qualifying customers will access a clean short-term loan with a maximum repayment period of 3 years,” Hiwa added.
Among other requirements the vendors must have a registered business, must have already opened a transactional account with National Bank of Malawi and operated it for at least three months to demonstrate trading levels.
In a separate interview, Martha Matokoso a vendor at Wakawaka market in Lilongwe said that she is happy with the banks loans stating that it will help to improve her staggering business.
“The loan will help me through a lot as I am planning of building a shop where I will be selling my products,” said Matokoso.
“As you know a few past years the world was hit with COVID-19 making it difficult for us to do businesses, but this will help to revive our businesses,” added Matokoso.
The loan will see qualified customers have access to a clean short term loan with a limit of up to MK5 000,000 with a maximum repayment period of 3 years and an interest charge of 1.7% above prevailing reference rate and arrangement fees shall be 1%.
I need more notifications.